BDO submits comment letter to IASB on IBOR Reform – Phase 2

BDO has submitted a comment letter to the IASB on exposure draft 2020/1 – Interest Rate Benchmark Reform – Phase 2, Proposed amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16.

BDO is supportive of the proposals set out in the ED to address financial reporting issues that arise as a result of the replacement of interest rate benchmarks with alternative benchmark rates. BDO is of the view that the proposals will result in providing more useful information to users of financial statements.

BDO also supports the Board’s approach to limit the scope of the proposals in the ED for modifications of financial assets and financial liabilities to modifications as a result of interest rate benchmark reform only.

BDO’s full comment letter may be accessed here.